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Iugu's platform helps smaller companies automate billing, saving time with back-office tasks. It recently got a central bank license allowing it to create an account for its clients that the CEO said “is something we can use to replace their banks altogether.”
A company created in a garage 4,500 miles from Wall Street has become Goldman Sachs Group Inc.’s latest bet to shake up Brazil’s financial system. Iugu Servicos na Internet SA, a payments fintech that provides billing services, is getting help from the U.S. powerhouse in luring new talent to expand into banking, founder Patrick Negri said in an interview. Goldman’s merchant-banking division led an investment round of 120 million reais ($22 million) in the Sao Paulo-based firm last month.
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